A debt of $10,000 is to be amortized by equal payments of $400 at the end of each month, plus a final payment after the last $400 payment is made. If the interest is at the rate of 1% compounded monthly (the same as an annual rate of 12% compounded monthly),

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A debt of $10,000 is to be amortized by equal payments of $400 at the end of each month, plus a final payment after the last $400 payment is made. If the interest is at the rate of 1% compounded monthly (the same as an annual rate of 12% compounded monthly),

Mathematics

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